BullionVault
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BullionVault is an internet gold and silver bullion exchange, founded in 2005 by Paul Tustain.[1] It is owned by Galmarley Ltd.[2] and based in London, United Kingdom. Purchased gold and silver is held in personally allocated storage with Via Mat International in either London, New York or Zurich depending on the client's preference. BullionVault's commission charges range from 0.8% to 0.02%[3], and its custody charge (or gold storage fee) is 0.12% per annum, with a $4 monthly minimum charge.[4]
Clients of BullionVault hold their gold in vaults controlled by BullionVault, thereby creating a legal bailment.[5] This is different from most other online gold facilities, which purport to create a digital gold currency.
BullionVault enables users to buy and sell their gold at prices set by them, ensuring an open and competitive 24/7 market. To prevent money laundering BullionVault asks new clients to provide proof of identity and address. Also unlike digital gold currency, they do not allow the direct transfer of gold units between user accounts unless they are sold via the exchange facility. This contrasts with digital gold currency which may act as electronic money. BullionVault also undertakes a daily audit to reconcile every client's holdings against the latest bar lists and bank statements.[6]
In 2009, BullionVault was one of the winners of The Queen's Award for Enterprise (Innovation category).
As of 21st June 2010 and according to their website, BullionVault held over 20 tonnes (584,037 troy ounces) of gold and 62 tonnes of silver in storage. [7].
BullionVault is the sole operating business of Galmarley Ltd, company number 4943684 registered in England.[8] Amongst others, Galmarley Ltd is partly owned by Lord Rothschild, of the Rothschild family.[9]
[edit] See also
[edit] References
- ^ IX Investor Presentation
- ^ Galmarley Ltd web site
- ^ For a more detailed breakdown of the charges, and a comparison with the charges of other gold investment sites, see Digital gold currency. BullionVault's charges are also available directly from the BullionVault website at: [1]
- ^ Gold continues to shine - The Telegraph (UK)
- ^ BullionVault Will Expand Services to Silver - Bloomberg
- ^ Albert Goodman Auditor's Procedures
- ^ Daily Audit - Allocated Gold Bar Lists And Bank Statements - BullionVault.com
- ^ All you need to know about BullionVault 24hgold
- ^ Lord Rothschild fund joins World Gold Council to put £12.5m into BullionVaultThe Telegraph, By Garry White, 11:26PM BST 20 Jun 2010
[edit] External links
- BullionVault, official website.
- PM: Bullionvault,GM,AFE, Comparative Review at Political Metals.
- gold bailment calculator, inBullion Gold calculator.
